Senators Rand Paul, Jim DeMint and House member Mike Lee have introduced federal legislation that would exempt gold and silver coins, issued by state governments as legal tender, from federal taxation.
This bill, called the Sound Money Protection Act, is intended to protect efforts by states, such as Utah, who have declared gold legally money.
In particular, reports The New American, it would protect from federal gains taxation transactions between legal money in states which are species (e.g. gold or silver) and paper.
NA speculates that the bill is also intended to protect dealers in gold from being hamstrung by federal moves to effectively debilitate small-scale private sales of gold.
Mike Lee is a Senator from Utah, not a Representative. I know the news report said he was, but I am just pointing it out.
ReplyDeleteI wonder how this one's gonna get killed...which committee does it travel through?
ReplyDelete@Anonymous 1:06 PM
ReplyDeleteThe bill has been referred to the Senate Finance Committee.
You can read all the details at Govetrack.us.
Rand is awesome man. I'm so glad he got elected.
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